Loan Payoff

What’s the True Cost of the Loan You Are Considering?

Keep in mind that interest rates will vary depending on the product (house, boat, car, etc.) and your credit rating.

Borrowing money can be an expensive proposition. Even at relatively low interest
rates, you may be surprised at the amount of interest you pay over the life of a
loan. This calculator is designed to help you estimate the true cost of that loan
you may be considering.

Your Results

The results below show the monthly payment amount, the interest cost, and the potential
tax savings (if the interest on your loan is tax deductible) for the loan you are
considering. It may surprise you to learn that for a long-term loan, such as a 30-year
mortgage, you could pay more in interest over the life of the loan than
you originally borrowed. For example, if you borrow $100,000 at 6% over a
30-year period, you would pay $115,838 in interest — more than the amount you
initially borrowed — bringing the total pay-back amount to $215,838.

Original loan amount:

$0.00

Term of the loan (in months):

0.00

Monthly payment:

$0.00

Total interest payments:

$0.00

Assuming the interest is tax deductible, your tax savings would be:

$0.00

This chart shows how much the balance of your loan will be over the time period
you are making payments. You’ll see that in the early years of the loan, the
principal you owe is reduced more slowly than in the later years of the loan. The
longer the loan, the more dramatic this effect is. This is because in the early
years, a greater portion of your payment goes toward interest on the balance of
the loan; as the balance of the loan is reduced, the interest accrued each month
is reduced, and more of your payment amount is credited to the loan principal.

Loan Balance Over Time

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it
may not be relied on for the purpose of avoiding any federal tax penalties. You
are encouraged to seek tax or legal advice from an independent professional advisor.
The content is derived from sources believed to be accurate. Neither the information
presented nor any opinion expressed constitutes a solicitation for the purchase
or sale of any security.

The FIVE STAR Wealth Manager list is created by Crescendo Business Services LLC. It includes less than 4% of 13,300 wealth managers in the Cincinnati area (includes Brown, Butler, Clermont, Clinton, Greene, Hamilton, Highland and Warren counties in the state of Ohio) in 2012 and reflects those scoring highest in client satisfaction. Wealth managers were identified by surveys conducted with more than 19,800 households, more than 2,100 registered financial professionals, and all identified financial service companies in the Cincinnati area that are registered with FINRA or the SEC. Wealth managers were evaluated accross ten criteria: (a) Credentials as an investment advisory representative, a FINRA-registered representative, a CPA or a licensed attorney; (b) Actively employed as a credentiated professional in the financial services industry for a minimum of five years; (c) Favorable regulatory and complaint history review; (d) Fulfilled their firm review based on internal firm standards; (e) Accepting new clients; (f) One-year client retention rate; (g) Five-year client retention rate; (h) noninstututionalized discretionary and/or non-discretionary client assets administered; (i) Number of client households served. (j) Educational and professional designations. Favorable and unfavorable evaluations are included in the score. Each wealth manager is reviewed for regulatory actions, civil judicial actions, and customer complaints. Wealth managers do not pay a fee to be included in the research or final list. Scores reflect an average of all respondents and are not representative of any one client's evaluation. Working with a FIVE STAR Wealth Manager does not guarantee investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future.The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by Five Star Professional or Cincinnati Magazine. For more information on the Five Star award and the research/selection methodology, go to:fivestarprofessional.com.